State-owned Hindustan Petroleum Corporation Ltd. (HPCL) reported a 9% year-on-year (YoY) decline in standalone net profit to ₹3,483 crore in the second quarter, amid volatility in benchmark crude oil prices following the reignited conflict in West Asia.

The Mumbai-headquartered oil marketing company’s gross refining margin (GRM), a key indicator of refining profitability, rose sharply to $32.15 per barrel during the quarter, compared with $8.80 per barrel in the corresponding period last year.

Revenue increased 26% YoY to more than ₹1.39 lakh crore during the reported quarter.

HPCL’s total sales volumes, including exports, grew 5.5% to 12.73 million metric tonnes (MMT). Domestic sales rose 4.9% YoY, while combined sales of petrol and diesel increased 10% to 7.78 MMT.

The company processed 6.2 MMT of crude oil during the quarter, operating its refineries at a capacity utilisation rate of 100.4%.